OPEC Agrees to Cut Output,
May Trim More Next Spring

VIENNA -- In an aggressive move to maintain high oil prices, OPEC Thursday agreed to cut its production as much as 7%, well ahead of a decline in seasonal demand.

The move signals the Organization of Petroleum Exporting Countries is prepared to cut production yet again come spring, when oil demand normally dips to its lowest level of the year. OPEC had been adding oil to global markets since late last summer after making a series of...